News & Updates
Nova Scotia amends Pension Benefits Regulations to allow 50% unlocking of pension funds for those aged 55+
November 26, 2024
Nova Scotia has amended its Pension Benefits Regulations to allow individuals transferring funds to a Life Income Fund (LIF) a one-time opportunity to unlock up to 50% of their locked-in pension funds, if they are at least 55 years old.
Other amendments in this round, each of which come into effect on April 1, 2025, include:
- Lowering the age at which small amounts (50% of YMPE) can be unlocked from 65 to 55.
- Elimination of the temporary income provisions for LIFs established after April 1, 2025.
- Requirements for pension plan statements for former and retired members every two years.
- Requirement to present an explanation of the transfer ratio of the pension plan in plain language on member statements.
- Eliminating the need for financial institutions to file specimen LIF contracts with the Superintendent of Pensions.
- Updated rules on unlocking of funds from a pension plan for members due to shortened life expectancy or non-residence in Canada.
Click on more information below to learn more:
